Question
Charitable contributions to a 501(c)(3) charity 1) Complete the following chart: Charity Property Cost FMV Deductible amount AGI limitation 60%, 50% or 30% First Baptist
Charitable contributions to a 501(c)(3) charity
1) Complete the following chart:
| Charity | Property | Cost | FMV | Deductible amount | AGI limitation 60%, 50% or 30% |
| First Baptist Church | Cash | $50,000 | $50,000 |
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| United Way | Antique painting held more than one year by donor. Painting will be sold. | 15,000 | 75,000 |
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| American Heart Foundation | Antique painting held more than one year by donor. Painting will be used in AMFs charitable mission | 15,000 | 75,000 |
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| First United Methodist Church | Coca Cola stock held long term | 12,000 | 20,000 |
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| First United Methodist Church | Moving On Corporation stock held long term | 20,00 | 12,000 |
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2). Briefly describe how the AGI limitation on charitable contributions works.
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Teaching Public Budgeting And Finance
Authors: Meagan M. Jordan, Bruce D. McDonald III
1st Edition
1032146680, 978-1032146683
